23 Lela Ln

Weaverville, NC 28701

$225,000D+

3 bd · 2.0 ba · 924 sqft · Built 2010 · Manufactured · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,713/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$141
• HOA: −$0
• Vac / Maint / Mgmt: −$360
• Net cashflow: $33/mo
• Annual: $390/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.62%
• DSCR: 1.03
• 1% rule: 0.76%
• Cash to close: $63,000

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $225k.
• At list price, monthly cash flow is $33 ($390/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (23.9% below list).
• It's been on market 36 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $171k (23.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#70 in NC) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A, amenities B+; Watch: cost of living D+, commute F, health & safety F.
• Buncombe County Schools (suburban): math 45% / reading 50% proficiency, ranked #72 of 178 in NC (top 40%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: North Buncombe High (math 67% / reading 65%, grade B, #154 of 535 statewide, top 29%, 956 students, 42% FRL).
• Zoned-school proficiency averages 66% at this address vs 48% district-wide (+18 pts) — the actual schools serving this property are materially stronger than the Buncombe County Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: 37 active listings in the ZIP; 3,305 units permitted in Buncombe County in 2024 (1,855 in 5+ unit buildings).
• Buncombe County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts since 8y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $105k; list at $225k implies a 114% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 2.5% in Weaverville — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.